An improving advertising landscape should help Pinterest, Piper Sandler said Tuesday.
An improving advertising landscape should help Pinterest , Piper Sandler said Tuesday. Analyst Thomas Champion upgraded the social media stock to overweight from neutral and hiked his price target to $30 from $25. The new target reflects a 27% upside from Monday's close. The stock gained 3.7% in premarket trading. It has lost 35.1% this year. "We like the new leadership, investor activism, and we see a buyback coming," Champion said in a Tuesday note to clients.
Champion said that could mean a greater share of advertising spend in 2023, which would challenge a trend of contracting advertising revenue seen within technology companies. The company is also increasing users and demographic diversity. It added 3 million monthly active users in Canada after five quarters of declines, with the positive trend expected to continue in the next quarter. In the U.S.
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